Michael Saylor’s Back: Strategy Buys 1,550 Bitcoin, MSTR Surges 6%
Strategy Inc. (NASDAQ:MSTR) bought 1,550 Bitcoin (CRYPTO: BTC) for $101 million at an average price of $65,332, its first purchase since selling 32 coins at $77,135 last week.
Strategy Bought Below Its Own Average Cost For The First Time
The 1,550 Bitcoin purchase brings total holdings to 845,256 BTC acquired for just under $64 billion at an average of $75,680 per coin.
The latest buy came in $10,000 below that average, meaning Strategy lowered its cost basis for the first time since beginning its accumulation strategy.
To fund the purchase and rebuild its cash position simultaneously, Strategy issued $181 million of common stock.
The company also increased its USD reserve by $100 million, bringing total cash reserves to $1 billion, directly addressing the liquidity concerns Peter Schiff and others raised after the reserve dipped to $871 …
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